Current Report Filing (8-k)
February 15 2017 - 3:57PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
______________
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of report (Date of earliest
event reported)
|
February
15, 2017
|
INTERNATIONAL
FLAVORS & FRAGRANCES INC.
|
(Exact
Name of Registrant as Specified in Charter)
|
New York
|
1-4858
|
13-1432060
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
521 West 57
th
Street, New York, New York
|
10019
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant’s telephone number, including area code
|
(212) 765-5500
|
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions
:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
Attached and being furnished hereby as Exhibit 99.1 is a copy of a press
release of International Flavors & Fragrances Inc. (“IFF” or the
“Company”) dated February 15, 2017 reporting IFF’s financial results for
the quarter and fiscal year ended December 31, 2016.
An audio webcast to discuss the Company’s fourth quarter and full year
2016 financial results and full year 2017 outlook will be held tomorrow,
February 16, 2017, at 10:00 a.m. EST. Interested parties can access the
webcast and accompanying slide presentation on the Company’s website at
www.iff.com under the Investor section. For those unable to listen to
the live broadcast, a replay will be available on the Company’s website
approximately one hour after the event and will remain available on the
IFF website for one year.
Item 2.05. Costs Associated with Exit or Disposal Activities.
On February 15, 2017, the Company announced that it was adopting a
multi-year productivity program designed to improve overall financial
performance, provide flexibility to invest in growth opportunities and
drive long-term value creation. In connection with this program, the
Company expects to optimize its global footprint and simplify its
organizational structures globally. In connection with this initiative,
the Company expects to incur cumulative, pre-tax cash charges of between
$30-$35 million, consisting primarily of $21-$22 million in
personnel-related costs and an estimated $9-13 million in
facility-related costs, such as lease termination, and
integration-related costs. In addition, the Company may incur up to
$5.0 million of accelerated depreciation. Approximately $10 million of
these charges are expected to be recorded in the first quarter of 2017,
with the remainder of the personnel-related costs expected to be
recognized by the end of 2017 and the other costs expected to be
recognized over the following seven quarters. This initiative is
expected to result in the reduction of approximately 370 members of the
Company’s global workforce in various parts of the organization. Once
fully implemented, the Company expects to realize annual run-rate
savings of between $40 million and $45 million from this program by 2019.
This Current Report on Form 8-K contains “forward-looking statements”
regarding expectations about the Company’s productivity program,
including expected costs and charges, estimated savings, expected impact
of the program on long-term value creation and timing. Forward-looking
statements generally can be identified by the use of forward-looking
terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,”
“intend,” “believe,” “should,” “project,” or “plan,” or variations
thereof or other similar terminology. These forward-looking statements
are based on management’s current expectations and assumptions regarding
the Company’s business, the economy and other future
conditions. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. The Company’s actual
results may differ materially from those contemplated by the
forward-looking statements included in this report, and the Company
cautions you against relying on any of these forward-looking
statements. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include the
global economic climate for the Company’s industry, the ability of the
Company to successfully implement its productivity program and realize
savings, changes in the estimates of other costs related to the
productivity program, changes in consumer preferences, the Company’s
ability to meet consumer demands, and other factors described in the
“Risk Factors” section of the Company’s Annual Report on Form 10-K filed
with the SEC on March 1, 2016 and subsequent filings with the SEC. The
Company assumes no responsibility to update forward-looking statements
or to adapt them to future events or developments after the date of this
report.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release of International Flavors & Fragrances Inc., dated
February 15, 2017.
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
|
INTERNATIONAL FLAVORS & FRAGRANCES INC.
|
|
|
|
Dated:
|
February 15, 2017
|
/s/ Richard A. O’Leary
|
|
|
Name: Richard A. O’Leary
|
|
|
|
|
|
Title: Executive Vice President and Chief Financial Officer
|
Exhibit Index
Number
|
Description
|
99.1
|
Press Release of International Flavors & Fragrances Inc. Dated
February 15, 2017
|
International Flavors an... (NYSE:IFF)
Historical Stock Chart
From Apr 2024 to May 2024
International Flavors an... (NYSE:IFF)
Historical Stock Chart
From May 2023 to May 2024